PNB fraud: RBI guv Urjit Patel blames regulatory constraints for scam

We at Reserve Bank also feel anger, hurt and pain at banking sector frauds and irregularities, he said

RBI chief said on Wednesday that it had "very limited authority" over state-run banks and called for reforms in the wake of a $2 billion fraud to give the regulator the same powers to police state-run banks as it has over private lenders.

Reserve Bank of India (RBI) Governor Urjit Patel defended the central bank's role in the aftermath of the Punjab National Bank (PNB) fraud case and launched an indirect broadside against the Indian government, which has been critical of the role of the regulator and auditors in failing to spot the huge alleged scam.

In a speech at a law